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200412422 <br />1.8 Leases. <br />1.8.1 Mortgagor shall not enter into or amend any Lease without Lender's prior <br />written consent, and shall furnish to Lender, upon execution, a complete and fully executed <br />copy of each Lease. <br />1.8.2 Mortgagor shall, at its cost and expense, perform each obligation to be <br />performed by the landlord under Lease; not borrow against, pledge or further assign any rents <br />or other payments due thereunder other than an assignment of leases and rents to the City of <br />Grand Island pursuant to the CDBG Loan; not permit the prepayment of any rents or other <br />payments due for more than thirty (30) days in advance; and not permit any Tenant to assign its <br />Lease or sublet the premises covered by its Lease, unless required to do so by the terms <br />thereof and then only if such assignment does not work to relieve the Tenant of any liability for <br />performance of its obligations thereunder. <br />1.8.3 If any Tenant shall default under its Lease, Mortgagor shall, in the ordinary <br />course of business, exercise sound business judgment with respect to such default, but may not <br />discount, compromise, forgive or waive claims or discharge the Tenant from its obligations <br />under the Lease or terminate or accept a surrender of the Lease without the prior written <br />consent of Lender. <br />1.8.4 If Mortgagor fails to perform any obligations of Mortgagor under any Lease or <br />if Lender becomes aware of or is notified by any Tenant of a failure on the part of Mortgagor to <br />so perform, Lender may, but shall not be obligated to, without waiving or releasing Mortgagor <br />from any obligation in this Agreement or any of the other Loan Documents, remedy such failure, <br />and Mortgagor agrees to repay upon demand all sums incurred by Lender in remedying any <br />such failure, together with interest thereon from the date incurred at the Default Rate (as defined <br />in the Note). <br />1.8.5 For purposes of this Section, the following terms shall have the following <br />meanings: <br />1.8.5.1 "Lease ": The Lease of the Land and Improvements between Mortgagor <br />as Landlord and Standard Iron, Inc., as Tenant. Any lease or other document or <br />agreement, written or oral, permitting any Person to use or occupy any part of the <br />Mortgaged Property. <br />1.8.5.2 "Tenant ": Any person or party using or occupying any part of the <br />Mortgaged Property pursuant to a Lease. <br />December 22, 2004 <br />F: Data \21590 \Morrgagc008 -pd / <br />